Shares of Vale
VALE, -3.76%
the world's largest iron-ore producer, climbed 6.2%, their best percentage gain since May 27, and shares of MMX Mineracao e Metalicos
MMXMY, -12.00%
gained 3.6% after executives from each company reportedly said at a steel conference in Rio de Janeiro that they expect iron-ore prices to rebound later this year.

Investors during the session prepared for Wednesday's rate decision by Brazilian monetary policy makers. Earlier Tuesday, the IBGE statistics agency said consumer prices through mid-July fell 0.09%. The decline was unexpected as the consensus estimate was for an increase of 0.02%. Consumer prices through mid-June rose 0.19%.

Following the report of monthly price deflation, Brazilian interest rate futures reflected expectations for the central bank to raise the key Selic rate by 50 basis points. The central bank, which had cast an eye toward inflationary pressures as the economy quickly expands, had raised the Selic by 75 basis points in April and in June

Analysts polled by Dow Jones Newswires currently expect the central bank to raise the rate by 75 basis points, to 11% from 10.25%.

The retailing giant late Monday said second-quarter profit rose 24% to 4.65 billion pesos ($363.6 million) on a revenue rise to 80.94 billion pesos from 63.89 billion pesos a year ago. The profit result was better than the 4.46 billion expected by analysts, on average, polled by Dow Jones Newswires. Read more about Walmex's quarterly results.

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